The Prospectus Rules are issued by the Irish Financial Service Regulatory Authority (the Financial Regulator) under Section 51 of the investment Funds, Companies and Miscellaneous Provision Act, 2005.

An issuer, offeror or person seeking admission to trading falling within the scope of the Prospectus (directive 2003/71 EC) Regulation 2005 must have regard to:
 
(a) Part 5 of the investment Funds, Companies and Miscellaneous Provision Act, 2005.
 
(b) the regulation;

(c) Commission Regulation (EC) No 809/2004 (the prospectus regulation),

(d) CESR’s (Committee of European securities regulators) Recommendations for the consistent implementation of the prospectus Regulation;

(e) the prospectus rules;

(f) CESR document entitled "Frequently asked questions regarding Prospectuses: Common positions agreed by CESR Members"; and

(g) Guidance Notes issued by the Financial Regulator in respect of any of the documents referred to at (a) to (f) above.

Application

the prospect rules apply to:

(a) an offer of securities to the public, or an admission to trading of securities, in Ireland, which under Regulation 12 or 13 of the Regulation requires the publication of a prospectus approved by the Financial Regulator;

(b) an offer of securities to the public, or an admission to trading of securities referred to in Regulation 8 (5) of the regulation, where the relevant person concerned elects to draw up a prospectus; and

(c) an offer of securities to the public, or an admission to trading of securities where another competent authority has transferred, with the agreement of the Financial Regulator, the function of approving the prospectus to the Financial Regulator under Regulation 41 of the Regulation.